Types of Aid

There are many types of financial aid available from many different sources. The links on the right provide detailed information about the various types of gift aid (grants, scholarships, waivers, fellowships) and loans available to UIC students.

There is also additional information on the availability of aid for veterans.

The Tax Credits page provides information on how financial aid affects your taxes.


Gift Aid

Gift aid is aid that does not need to be repaid. Some common types of gift aid include:
 
·         Assistantships: Aid that pays all or a portion of tuition and some fees, as well as a stipend to the student for services rendered (time worked).
 
·         Fellowships: Scholarship or stipend that is non-employment-related (i.e. no state or federal taxes are withheld from stipend).
 
·         Service Awards: Aid (tuition, fees and stipend) awarded by federal or state agencies that require the student to fulfill a service requirement for a specific period of time, usually after the student completes his/her residency program. Notice: There may be federal income tax implications associated with certain service awards.
 
·         Grants/Scholarships: Aid that does not have to be repaid by the student. To be eligible, the student usually has to meet some specific criteria and/or deadlines.
 
·         Institutional ScholarshipsThe College of Medicine offers some students institutional scholarships at the time of admission awarded by the University Of Illinois College of Medicine’s Committee on Student Scholarships and Awards.

Loans

Student Loans, unlike grants or scholarships, are borrowed funds that must be repaid. These loans cannot be cancelled, even if you do not like your university experience, do not obtain a job in your field of study, or are facing financial hardship.

The links below describe the loan programs available to UIC students.

Federal Direct Stafford Loans

Federal Direct Grad PLUS Loan

Primary Care Loan

Private Loans

University Loans


Repaying Your Loans

Once you graduate, leave school, or fall below half time enrollment, you will have to start repaying your loans. You can access your total federal student loan history at the National Student Loan Data System (NSLDS). On NSLDS, you can find the servicer for your federal student loans. You can discuss repayment of your Perkins Loans and PCL Loans with University Student Financial Services and Cashier Operations (USFSCO) and ACS.

Also, some service programs will help repay your student loans in exchange for service commitments.  See our Service Awards page for more information.

Veterans

For information on veterans benefits and veterans educational programs, please visit Student Veteran Affairs.

Tax Credits

American Opportunity & Lifetime Learning Tax Credits

You may be eligible for a tax credit through the American Opportunity Tax Credit or the Lifetime Learning Tax Credit. While these are not financial aid awards, they are intended to help you pay for your education expenses. Visit these links for more information on the credits and whether you qualify:

The COM OSFA staff are not tax experts and cannot provide tax advice. For specific questions about these tax credits, please consult a tax expert.

1098T

IRS Form 1098-T is used to determine eligibility for these tax credits. University Student Financial Services and Cashier Operations (USFSCO) produces and distributes these forms each year. Visit their website to learn about this process.

Student Loan Interest Deduction

If you have taken loans to pay the cost of attending an eligible educational institution for yourself, your spouse, or your dependent children, you may be able to deduct interest paid on these loans from your taxable income. The deduction is available only for interest payments made during the first 60 months in which interest payments are required on the loan. For more information, visit the IRS website.